Andhra Pradesh inks MoUs for Rs.6.5 lakh cr investment

News Posted - 2012-01-18, Last Updated - 2012-01-18

HYDERABAD: Andhra Pradesh garnered investment proposals worth about Rs.6.50 lakh crore during the Partnership Summit 2012 which concluded here Friday, signalling that the state was a safe business destination after two dismal years wracked by political instability.

"I am sure all the doubts in the minds of investors with regard to the recent happenings have been cleared," said Chief Minister N. Kiran Kumar Reddy.

He told reporters that the government signed memoranda of understanding (MoUs) with about 250 companies during the summit organised by the Confederation of Indian Industry (CII).

The investments came as a big boost for the state as they came after months of protests over the demand for a separate Telangana state and political wrangled within the ruling Congress party. The government managed to successfully organise the summit after nine years.

Reddy said the state received 243 proposals for investment of Rs.647,832 crore, which is expected to generate employment for 678,597 people.

The chief minister also announced that for every major project, an escort officer would be appointed to ensure hassle free clearances.

"I will be monitoring the progress of the projects every month," he said.

He said the state would launch a portal in three months to enable businessmen to submit online their investment proposals.

On the last day of the summit, he handed over sanction letters to 23 companies, whose proposals for investment of Rs.71,859 crore were cleared last month.

The investment proposals include those involving foreign direct investment (FDI) of about Rs.100,000 crore.

The investment also includes Rs.125,696 crore by central and state public sector undertakings.

Among the major proposals by PSUs are expansion of the Visakhapatnam Steel Plant with Rs.42,500 crore investment by the Rashtriya Ispat Nigam Limited (RINL), 9,760 MW power projects by APGENCO at a cost of Rs.51,211 crore and Rs.5,000 crore Re-gasified Liquefied Natural Gas (RLNG) terminal by Gas Authority of India Limited (GAIL).

National Thermal Power Corporation ( NTPC) will set up 4000 MW thermal power project with an investment of Rs.20,000 crore in Visakhapatnam district.

Infrastructure major GMR Holdings Private Limited will invest Rs.30,000 crore to develop a refinery-cum-petrochemicals complex in PCPIR at Kakinada and another Rs.3,000 crore for an integrated industrial township over 10,500 acre near Kakinada.

B.R. Shetty Group will set up a Rs.30,000 crore refinery cum petrochemical complex in PCPIR at Visakhapatnam.

Yash Birla Group will invest Rs.22,000 crore to set up advanced solar photovoltaic manufacturing project in Kurnool district. It will also develop Rs.704 crore global integrated ayurveda complex and Rs.2,000 crore sports city near Hyderabad.